PHAROAH COMPANY Balance Sheets December 31 (in thousands) 2022 2021 Current assets Cash and cash equivalents...

PHAROAH COMPANY Balance Sheets December 31 (in thousands)
	2022	2021
Current assets
Cash and cash equivalents	$330	$360
Accounts receivable (net)	570	500
Inventory	640	570
Prepaid expenses	130	160
Total current assets	1,670	1,590
Property, plant, and equipment (net)	410	380
Investments	110	110
Intangibles and other assets	530	510
Total assets	$2,720	$2,590
Current liabilities	$920	$890
Long-term liabilities	660	560
Stockholders’ equity—common	1,140	1,140
Total liabilities and stockholders’ equity	$2,720	$2,590

PHAROAH COMPANY Income Statements For the Year Ended December 31 (in thousands)
	2022	2021
Sales revenue	$3,980	$3,640
Costs and expenses
Cost of goods sold	1,070	990
Selling & administrative expenses	2,400	2,330
Interest expense	10	20
Total costs and expenses	3,480	3,340
Income before income taxes	500	300
Income tax expense	200	120
Net income	$ 300	$ 180

Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 12.6%.)

(a)		Current ratio.
(b)		Inventory turnover. (Inventory on December 31, 2020, was $410.)
(c)		Profit margin.
(d)		Return on assets. (Assets on December 31, 2020, were $2,540.)
(e)		Return on common stockholders’ equity. (Equity on December 31, 2020, was $950.)
(f)		Debt to assets ratio.
(g)		Times interest earned.

	2022		2021
Current ratio.		:1		:1
Inventory turnover.
Profit margin.		%		%
Return on assets.		%		%
Return on common stockholders’ equity.		%		%
Debt to assets ratio.		%		%
Times interest earned.

Expert Solution

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ekkarill92 answered 2 years ago

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